The yield on the US 10-year Treasury note edged down to 4.14% on Thursday, hovering near two-week lows, as traders welcomed a lower-than-expected CPI report for November. US inflation eased to 2.7% last month, while core inflation slowed to 2.6%, its lowest level since 2021, according to delayed data. Although the figures remain noisy due to the absence of October data following the government shutdown, a sustained moderation in price pressures could pave the way for further Federal Reserve rate cuts next year. Markets are currently pricing in a nearly 46% probability of a 25-basis-point cut to the fed funds rate in March, and a 35% chance of another reduction in July.